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SWX investigated whether SWISS divulged potentially price-sensitive facts during an interview of its CEO conducted by the Reuters news agency. Pursuant to Art. 72 of the Listing Rules, price-sensitive facts are new facts which because of their considerable effect on the issuer's assets and liabilities or financial position or on the general course of business are likely to result in substantial movements in the price of the securities. It follows that the selective disclosure of such facts by certain individuals is prohibited. Discussions with analysts or journalists are permissible as long as there is no selective disclosure of potentially price-relevant facts.
The interview with André Dosé was conducted on 14 October 2003 and published in English on the same day at 4:39 p.m. The following day, the interview appeared in various media. The English version of the interview included the following statement: )))"(((Swiss International Air Lines has secured emergency financing of up to 500 million francs to help ensure the national flag carrier's survival)))"(((. The preliminary investigation conducted by SWX revealed that in the interview with Mr. Dosé - having in fact been conducted in German - no potentially price-sensitive facts were divulged. The German version of the relevant passage reads: "Die Fluggesellschaft Swiss steht nach Angaben von Konzernchef André Dosé kurz vor dem Abschluss eines Kreditrahmens über 500 Millionen Sfr."
Therefore, SWX has come to the conclusion that no new information concerning the status of negotiations with potential financing partners was disclosed; that the potentially misleading statement in the original English version was not attributable to SWISS; and that the different wording used in the English version was the result of an imprecise translation by REUTERS. Hence the characteristic facts that would indicate a breach of the rules governing ad hoc publicity were not present, which is why SWX has stayed its investigative proceedings.
The preliminary investigation concerning a potential violation of the rules governing ad hoc publicity in connection with the publication of SWISS' Q3/2003 quarterly report is currently still underway. At the appropriate time, SWX will provide information on the outcome of the related proceedings.
